8.1 / 10

based on 167 reviews as rated by Mozo community

Sydney Mutual Bank personal loans

Sydney Mutual Bank is a credit union where profits are used to benefit members rather than shareholders in the form of low rates, minimum fees and competitive products. With no less than four personal loans available for financing new cars to other dreams, read on and discover what this mutual lender could do for you...

Sydney Mutual Bank offers the following personal loans

Rates and fees verified as correct at 30 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Debt Consolidation Loan (Variable, Unsecured)

11.99% p.a.

12.21% p.a.based on $30,000
over 5 years

$150

Green Loan (Variable, Unsecured)

6.10% p.a.

6.10% p.a.based on $30,000
over 5 years

$0

New Car Loan (Up to 3 years old, Variable, Secured)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$150

Standard Personal Loan (Variable, Unsecured)

7.99% p.a.

8.20% p.a.based on $30,000
over 5 years

$150

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Overview of Sydney Mutual Bank personal loans

New car loans

Sydney Mutual Bank’s new car loan is suitable for vehicles up to three years old with a price tag from $10,000 to $50,000. This loan is secured, meaning you tie your car to the loan as collateral in return for a competitive rate. If you want a consistent rate through the loan term, go for the fixed rate version. Choosing the variable rate instead could spell an interest rate change to work in or against your favour during the loan term. Whichever one you decide on, Sydney Mutual Bank will still give you the flexibility to clear that debt before the final loan repayment is due fee-free. Loan terms range from one to seven years and you can access extra repayments through a redraw facility. Apart from being charged a signup cost, you won’t need to consider paying monthly fees with an Sydney Mutual Bank new car loan.

Secured personal loan

If you have an asset to offer up in return for a slightly lower interest rate, consider the Sydney Mutual Bank secured personal loan suitable for loan amounts from $10,000. This pick has a variable interest rate, meaning Sydney Mutual Bank could change it at any point along the loan term. While the loan term can range from one to seven years, you do have the option to make extra repayments and be debt free sooner without financial penalty. You can also access any extra repayments you’ve made via Sydney Mutual Bank’s redraw facility. Just like the Sydney Mutual Bank new car loan mentioned earlier, the secured personal loan has zero monthly fees. All you need to consider is the relatively low signup cost when you first take out the loan.

Unsecured personal loan

Don’t have an asset like a car or piece of real estate to tie against a personal loan as collateral? Not to worry, Sydney Mutual Bank’s unsecured version doesn’t require one. Instead, you’re given a slightly higher interest rate than if you secured it. All the same personal loan features as the secured type mentioned above apply such as a redraw facility to dip into extra repayments, no break fees or monthly fees (except for one when you first take out the loan).

Sydney Mutual Bank personal loan features at a glance

Repayment flexibility: It’s easy to set up repayments to suit your pay pay day because you can choose between weekly, fortnightly or monthly due dates.

Extra repayments: Sydney Mutual Bank allow you to make additional repayments at no extra cost, which is encouraging if you’re on a mission to repay that loan sooner rather than later!

Redraw facility: You can draw on any extra loan repayments you’ve made via Sydney Mutual Bank’s redraw facility at a small cost per transaction.

No monthly fees: That’s right, there are zero monthly fees to consider with Sydney Mutual Bank’s personal and car loans.

Optional loan insurance: If you’re looking for reassurance that if for some unforeseen circumstance you can’t meet your loan repayment obligations (such as due to illness that puts you out of work), you can opt in to loan insurance.

How do you apply for a Sydney Mutual Bank personal loan?

To apply for an Sydney Mutual Bank personal loan, complete the online form on its site, call the hotline or do it the old fashioned way by printing and filling out a hard copy (if you live near a local branch). Doing it online can take fewer than 15 minutes and you’ll hear back from Sydney Mutual Bank on the outcome soon after.

To apply for a personal loan with Sydney Mutual Bank you will need:


How are Sydney Mutual Bank personal loans rated?

Mozo users have rated Sydney Mutual Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Sydney Mutual Bank personal loans
Overall
7.2/10
Price
Features
Customer service
Convenience
Trust

16 Reviews

Recent Sydney Mutual Bank personal loan reviews

Sydney Mutual Bank Personal Loan review
Overall 2/10
Rates are ok but speed and sense is below average.

Quite clearly cant see beyond the office chair. Applying for a personal loan half the amount of any other loan ever held with them (and clearly can afford it) but because of a few too many enquiries on credit history they take 4 whole days to deny the loan. Very slow and pathetic.

Read full review

Quite clearly cant see beyond the office chair. Applying for a personal loan half the amount of any other loan ever held with them (and clearly can afford it) but because of a few too many enquiries on credit history they take 4 whole days to deny the loan. Very slow and pathetic.

Price
8/10
Customer service
6/10
Trust
3/10
Less
Scott, South Australia reviewed 4 months ago
Sydney Mutual Bank New Car Loan review
Overall 5/10
Too many hurdles to jump.

I tried to get a car loan from this organisation and was asked for at least 20 forms of identification and proof of earnings and savings. It took nearly two weeks with new requests from them everyday. I went with another lender and got a loan approved within 4 hours after supplying the relevant documentation. We had two very good wages. I rang SMB and told them to cancel everything.

Read full review

I tried to get a car loan from this organisation and was asked for at least 20 forms of identification and proof of earnings and savings. It took nearly two weeks with new requests from them everyday. I went with another lender and got a loan approved within 4 hours after supplying the relevant documentation. We had two very good wages. I rang SMB and told them to cancel everything.

Price
7/10
Features
6/10
Customer service
6/10
Convenience
6/10
Trust
6/10
Less
Harvey, Victoria reviewed 8 months ago
Sydney Mutual Bank Secured Personal Loan review
Overall 9/10
Great service without the onselling

Great people who offer a great service. Always friendly. Questions are always on point. They know their product and answer questions as they have access to all the relevant info.

Read full review

Great people who offer a great service. Always friendly. Questions are always on point. They know their product and answer questions as they have access to all the relevant info.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
3/10
Trust
8/10
Less
Jeff, New South Wales reviewed about 5 years ago
Sydney Mutual Bank New Car Loan review
Overall 5/10
Customer service slow

I wanted to pay out the loan, got a quote and then got another. I had to get it from the dealer. It turned out the dealer increased the rate and gave me a residual to keep the price down. It was 1% but how was I going to prove anything. I did expect that a high profile car distributor would be more responsible. We are helping you Peter yes but you do have your hand in my pocket. At the time the payout came around , the phone operator gave me a value I should ask for and it was at least $5000 less. Out of touch to the industry and certainly the clients.

Read full review

I wanted to pay out the loan, got a quote and then got another. I had to get it from the dealer. It turned out the dealer increased the rate and gave me a residual to keep the price down. It was 1% but how was I going to prove anything. I did expect that a high profile car distributor would be more responsible. We are helping you Peter yes but you do have your hand in my pocket. At the time the payout came around , the phone operator gave me a value I should ask for and it was at least $5000 less. Out of touch to the industry and certainly the clients.

Price
3/10
Features
2/10
Customer service
3/10
Convenience
3/10
Trust
2/10
Less
Peter, Western Australia reviewed over 5 years ago

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